Global Energy Storage (GES) of Singapore, a developer and operator of energy storage terminals, has announced a strategic partnership with a liquefied natural gas unit of Swedish shipping group Stena AB to identify and advance LNG logistics and storage solutions.
GES and Stena Power and LNG Solutions hope to combine their logistics expertise comprising floating storage and regasification units (FSRUs), onshore terminals and storage.
“Stena owns three LNG carriers which it can deploy as FSRUs or floating storage, potentially together with innovative jetty-less and/or offshore power solutions that do not require onshore facilities,” said a joint statement.
GES is planning to build a global network of first-class energy storage assets from its base in the Asian city state.
Part of its strategy is to invest around $250 million in brown and greenfield assets, initially in Europe and Asia, in the next five years.
“Our development efforts are focused on establishing expandable platforms located at key crossroads of energy flows,” said GES, started up in May 2021 by private equity firm Bluewater.
GES is led by Peter Vucins and Eric Arnold, the team behind the growth of leading hydrocarbon storage company, Global Petro Storage (GPS).
The Singapore firm plans to concentrate on low-carbon commodities, energy transition fuels like LNG, as well as potentially renewable energy sources in the future.
GES said its strategic deal with Stena Power and LNG would enable developing economies and emerging markets to access LNG and clean power.
“This is an exciting and important partnership for GES. We regard LNG as an important transition fuel, especially in emerging markets where there is a strong demand for gas and power and a structural need to switch from coal to lower carbon solutions such as LNG,” said Peter Vucins, Chief Executive of GES.
“We are also interested in exploring opportunities with regard to blue hydrogen production where LNG is combined with carbon capture to make low carbon hydrogen,” added Vucins.
“The possibility to deploy existing LNG carriers with onshore terminal solutions means that we can move quickly to provide our customers with a full range of solutions,” stated the GES CEO.
Göran Hermansson, Chairman of Stena Power and LNG, said Stena’s offering was wide-ranging and provided operational and commercial advantages as well as increased safety.
“Our work is underpinned by our values of care, performance and innovation,” added Hermansson,
“By working with Global Energy Storage, we can share our wide-ranging, industry-specific knowledge to better achieve our mutual objective of delivering more sustainable energy infrastructure solutions to communities across the world,” declared the Stena unit’s Chairman.
Stena Power and LNG is already active in southeast Asian LNG through its involvement with an LNG import project in Vietnam.
Stena has been contracted to supply its jetty-less LNG transfer and regasification system for a terminal project in Bac Lieu province in Vietnam’s Mekong Delta being developed by Delta Offshore Energy and the regional authorities.